BIMCO Bulletin

BIMCO - Bulletin March 2020

Are you violating sanctions? As sanctions are growing in popularity as a political tool, the escalation in the use of sanctions puts increasing pressure on the shipping industry. For the container shipping sector in particular, the challenges of staying on the safe side are enormous, according to law firm Crowell & Moring. Foreword The unglamorous side of progress from Angus Frew, Secretary General & CEO at BIMCO BIMCO BIMCO news New BIMCO members Contracts and clauses Are you violating sanctions? „ The consequences of violating sanctions Politics, innovation and regulation increase demand for contracts and clauses Environment Are VLSFOs really that bad for the climate? Shipping will face tough competition in decarbonisation race The Executive Interview Kishore Rajvanshy: the biggest challenge in 2020 is piracy Market analysis from Peter Sand & Emily Stausbøll Read the latest assessment from BIMCO’s shipping analysts on: Macroeconomics „ Tanker shipping Container shipping „ Dry bulk shipping Technology and efficiency WISTA: why female role models and networks matter „ Pros and cons of the connected crew „ BIMCO expands Liquid Cargo Database Regulation Crunch time for ship recycling regulation Safety Container fires: misdeclaration of dangerous goods must be curbed Support & Advice Support & Advice: Time charter – redelivery at the end of the charter period – part II The consequences of violating sanctions With sanctions on the rise, shipowners and operators face a tough task when it comes to ensuring they do not enter into business with a person or company subject to sanctions. The consequences of getting it wrong – from financial penalties to designation – can be devastating, according to law firm Crowell & Moring. The Executive Interview Kishore Rajvanshy: The biggest challenge in 2020 is piracy In each issue, the Bulletin interviews a shipping executive. In this edition, Kishore Rajvanshy, Managing Director of Fleet Management Limited, talks about the stressful piracy threat and his personal journey from the Thar desert region to Hong Kong. Shipping will face tough competition in decarbonisation race On the road to decarbonisation, the shipping industry will be in tough competition with other industries for fuel, and targeting the large ocean- going vessels will be key. Dino Imhof, of ABB Turbo Systems, offers his view of the potential in different paths towards decarbonisation. Published by BIMCO CONTENTS March 2020 The hunt for data: from Formula 1 cars to vessels Can an LNG or tanker vessel operate as efficiently as a Ferrari Formula 1 racing car or an aeroplane? Shell’s Grahaeme Henderson believes they can. Studying the world of Formula 1 and the airline industry, Shell now records and analyses hundreds of datapoints per second per vessel in a bid to manage every molecule as efficiently as possible. Are VLSFOs really that bad for the climate? Finland and Germany have submitted a report to the International Maritime Organization (IMO), suggesting the new very low- sulphur fuel oils (VLSFOs), which comply with the 0.50% sulphur limit, are bad for the climate. Lars Robert Pedersen, BIMCO Deputy Secretary General, examines the claim. Market analysis BIMCO’s Shipping Market Analysts share their assessment and outlook on the macro economy, bulk, tanker and container markets. NEW Did you know that you can read the Bulletin on your tablet? Download the app: Connect with BIMCO Bagsvaerdvej 161, 2880 Bagsvaerd, Denmark. Telephone: +45 4436 6800. SecretaryGeneral&CEO:AngusR.Frew EditorinChief:RasmusNordJørgensen Editor:MetteKronholmFrænde Graphicartist:MichelleMeyhoff Articles do not necessarily reflect the views or policy of BIMCO. © Copyright – No article may be reproduced by any means in whole or in part without the written permission of BIMCO. Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo, iPhone, and iPad are trademarks of Apple Inc., registered in the U.S. and other countries and regions. App Store is a service mark of Apple Inc. Facebook Twitter Linkedin YouTube photo